Porter Square Redevelopment
For Sale
$13,000,000
815 Somerville Ave, Cambridge, MA 02140
Redevelopment opportunity in the heart of Porter Square, Cambridge.
Property Size27,824 SF
Lot Size0.24 Acres
Price / SF$467.22
Days on Market214
Property Features for 815 Somerville Ave
General Information
Standard status
Active
Size
27,824 SF
Lot size
0.24 Acres
Property subtype
Land
Zoning
9999
Site & Location
Neighborhood
Agassiz
Taxes and HOA fees
Annual Taxes
$9
Listing Agency:
Cushman & Wakefield
(617) 330-6966
Listed By:
Christopher Sower · License #9052376
(617) 816-5257
Source:
Churchillprop
Added: Mar 30
Changed: Oct 25
Last Checked: Oct 28 at 6:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield
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Investment Insights
Based on property information with market context.
Located in the heart of Porter Square in Cambridge, Massachusetts, 815 Somerville Avenue presents an exceptional redevelopment opportunity. The property features a three-story brick building with 27,824 gross square feet and 18 garage parking spaces. It is situated on a 10,442 square foot parcel within the Massachusetts Avenue District, a zoning district that allows up to 12 stories of residential use by-right. The property is located across the street from the MBTA Porter Square Station (Red Line), providing direct access to Harvard, MIT, Kendall Square, and Downtown Boston. The location is surrounded by amenities and cultural activities. Alternative use and value-creation opportunities include ground up redevelopment for residential use, re-tenanting the existing office space, or utilizing the in-place approvals to retrofit the building for lab/R&D use.
Key Highlights
- Prime redevelopment opportunity in the heart of Porter Square, Cambridge.
- Located across the street from the MBTA Porter Square Station (Red Line) for easy access to key areas.
- New zoning allows up to 12 stories of residential use by‑right.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,076,463
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,529,260
$21.5M
Cap Rate 7%
$15,378,043
$15.4M
Cap Rate 9%
$11,960,700
$12.0M
Market Conditions
NOI Build-Up for 27,824 SF
Gross rent
$1.61M $57.96/SF
− Vacancy
−$177.4K −$6.38/SF
EGI
$1.44M $51.58/SF
− OpEx
−$358.8K −$12.90/SF
NOI
$1.08M $38.69/SF
Area
Cambridge, MA
Vacancy
11.00%
Lease Rate
$57.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,529,260
Cap Rate 7%
$15,378,043
Cap Rate 9%
$11,960,700
Alternative Uses
Best Use
Office B
$15.38M
$13.46M – $17.94M
NOI $1,076,463 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$21.45M
$18.77M – $25.03M
NOI $1,501,566 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Location Intelligence
Trade Area within ½ mile
2,660
Businesses Nearby
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Business Placement
Demographics for 02140, MA
21,447
Population
11,117
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
95%
High-School Grad
1.2 sq mi
ZIP Area
17,873
Density / Sq Mi
$136,382
Median Household Income
$77,506
Median Earnings
$2,581
Median Rent
$1,070,200
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Redevelopment opportunity in the heart of Porter Square, Cambridge.
Where is this office building located?
The property is located at 815 Somerville Ave Cambridge, MA.
What is the asking price?
The asking price for this property is $13,000,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in the heart of Porter Square, Cambridge.; Located across the street from the MBTA Porter Square Station (Red Line) for easy access to key areas.; New zoning allows up to 12 stories of residential use by‑right.
